The Audit Committee of Stockport Council met on Tuesday 11 February 2025 to review the council's financial statements for the 2023/24 financial year and to consider the external auditors' completion report. The meeting agenda focused on the council's financial health and the processes in place to ensure robust financial management.

2023/24 Statement of Accounts

The committee was scheduled to consider the 2023/24 Statement of Accounts, presented by the Director of Finance – Section 151 Officer. This comprehensive report details the council's financial position and performance for the year ending 31 March 2024. The report was expected to provide assurance that public resources have been used and accounted for appropriately, aiming to ensure readers understand the council's financial standing and its robustness.

The report was anticipated to highlight key financial adjustments and updates to the draft Statement of Accounts. These included:

• Bramhall High School RAAC Impairment: An impairment of £29 million related to Reinforced Autoclaved Aerated Concrete (RAAC) found at Bramhall High School. This adjustment reflected the reduced value of the asset due to the necessary remediation works.
• Pensions: An adjustment to the council's pension asset position, known as the asset ceiling adjustment, which brought the net pension asset position to nil. This adjustment did not impact the net defined benefit liability for unfunded pension obligations, which stood at £19.876 million.
• Investment Properties: A missed revaluation posting for an investment property resulted in a reduction of the Investment Properties asset valuation by £1.7 million.
• Other Land and Buildings: Various adjustments were made to account for differences between asset valuation reports and the council's fixed asset register, leading to an increase in the balance sheet value of approximately £8.5 million.

The report also detailed misstatements identified by the external auditors that were not adjusted for in the Statement of Accounts due to them not being material. These included issues related to the valuation of a new car park at Stockport Exchange, errors in the valuation of other land and buildings, and a presentational change for grant income.

The Audit Committee was requested to consider and approve the 2023/24 Statement of Accounts. In the event of any changes during the final audit review, the approval of the accounts was to be delegated to the Director of Finance in consultation with the Chair of the Audit Committee.

Forvis Mazars Audit Completion Report

The committee was also scheduled to consider the Audit Completion Report from the external auditors, Forvis Mazars LLP. This report provides an update on the work undertaken by Forvis Mazars as the auditor for Stockport Metropolitan Borough Council. The report was expected to outline the audit findings and recommendations for improvements to internal controls.

The Audit Committee was requested to note the contents of this report.

Other Scheduled Business

In addition to the main financial reports, the meeting agenda included standard items such as:

• Minutes: Approval of the minutes from the previous meeting held on 20 November 2024.
• Declarations of Interest: Councillors and officers were to declare any interests in items on the agenda.
• Urgent Decisions: A report on any urgent action taken under the Constitution since the last meeting.
• Public Question Time: An opportunity for members of the public to ask questions of the Chair on matters within the Committee's remit.